Cotton prices have declined by 8% and 12%, respectively, in futures trade and at the farm gate in the past fortnight as farmers, who were expecting prices to return to last year's record-high levels, started selling Is. their produce.
Daily arrivals of cotton in the markets increased five-fold to 100,000 bales (each weighing 170 kg) in May from the historical average of 20,000 bales per day. Ravi Sam, president of the Southern India Mills Association (SIMA), said, "I have not seen such a high arrival in May. 100,000 bales a day is something that used to get over by January/February."
The June cotton contract on MCX was down 3.05% on Monday. In the spot trade, cotton prices in Maharashtra declined from ₹62,000/candy (each candy 356 kg) to ₹57,000, while raw cotton with seeds sold by farmers to ginners fell to ₹8,000/quintal a fortnight ago. 7,000-7,200 on Monday.
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